Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

The reason I raise the question is that it seems to me very important that we have some interpretation as to what we make of all this and what we want the market to make of all this. In particular, let’s say the observation that the projections or the risks are weighted to the downside. You might get some people saying, “Well, if we get some employment reports or others that in fact come in weaker than anticipated, that means that the Committee is on the edge of pulling the trigger to respond to it.” That might be a possible message that people would take from this. If that is not the message that we want to convey, then we had better be very careful how we talk about these.

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